Waseco Resources Inc - News Release

Attawapiskat Diamond Project Update

Waseco Resources Inc "YRI" TSX-V
September 30, 2004 News Release

Sept 30, 2004-Toronto, Canada- WASECO RESOURCES INC. (WRI-TSX-V) announces that it has completed the first hole on its Attawapiskat Diamond Property in the James Bay Lowlands of north-western Ontario.

The program to date has consisted of an airborne geophysical survey, ground magnetic surveys over selected areas, and an initial drill hole on one of several targets. The 151 meter hole encountered primarily paleozoic limestone and was unsuccessful in intersecting kimberlite.

"This was one of several targets generated by the airborne and ground geophysics and the drilling result does not lessen our enthusiasm for the project. This property is strategically located, immediately north of De Beer's Victor Pipe and immediately east of Spider/KWG's MacFadyen Pipes, as well as surrounding the De Beer's Uniform Pipe. Budgetary constraints limited the scope of this program, but the work is sufficient to have secured the initial 5% interest in the property"; stated Company President, Richard Williams.

Waseco has an option to earn up to a 40% interest in the 2,440 acre property together with a right of first refusal to earn an additional 9% interest from Dialex Minerals Inc. (DLXM-OTC-BB). Waseco currently has 26,201,321 common shares outstanding. Further corporate information can be found on the Company's web site at www.wasecoresources.com

Yours truly,

Richard Williams

Phone: (416) 364-3123
Fax: (416) 364-5400
e-mail: Blackwell@tcn.net


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